Compass debt company

[Wingco]

Re: Compass debt company

I think even though most on here would be shocked at the amount taken out of your monthly payments by Compass and the fact many pots have gone awol, it is bottom line what works for you. If you were satisfied and if they had honoured what they initially promised to do then sites like LB would be a lot quieter.
I think people still believe you get what you pay for and how can they get help for free, well they can and great help it is too.

I think most people would be astonished at the level of debt and the size of my monthly interest being paid to the credit card companies and loans. I was paying out over £2500 per month (I've not added it all up but it was of that order) and so paying Compass a total of £300 was a blessed relief. If they had kept to their verbal contract of £150 per month fee against the overall fee of 10% of the debt, I would have really been very happy. Instead, they took £220 per month in fees. But it was hugely less than my interest payments on my debt and those have all ceased. It has to be looked at in context and hindsight is a wonderful thing.

The problem is, and rarely acknowledged, that some (all?) of the Free/Charity DMCs are funded by the very people they are paying our 'tokens' to. I think that makes them not entirely independent. Fee paying DMCs and solicitors who undertake this work have no such allegiances to the creditors.

I will be one of the first to seek criminal charges against the directors if the client money has disappeared - not confirmed yet. We will learn more on the 31st March. But as advised on here, if they have mislead us with claims of holding money in trust, the Directors are liable?????

[taff_dragoness]

Re: Compass debt company - Stepchange

Hi Wingco have now sent paper work off to stepchange as i said i was lucky the only wanted £1 more than i was paying to Compass, will have to see how things go

[taff_dragoness]

Re: Compass debt company

I understand what you say but the thing is i couldn't afford to do the criminal charges so it would be a loss which i think is going to happen

[Wingco]

Re: Compass debt company - Stepchange

Hi Wingco have now sent paper work off to stepchange as i said i was lucky the only wanted £1 more than i was paying to Compass, will have to see how things go

Hi Taff.
Youv'e done well - remember back only a few days how desperate things seemed? Hopefully, everything will work out fine for you from now on.
Wingco

[Wingco]

Re: Compass debt company

I understand what you say but the thing is i couldn't afford to do the criminal charges so it would be a loss which i think is going to happen

if criminal charges do result, it shouldn't cost us anything. We will also enroll as many ex-Compass clients as possible to enhance our case. They must not get away with this - that is if they have indeed taken our money - it might yet be in some secure separate account...............
Wingco

[CLS2015]

Re: Compass debt company

I have been searching for Compass clients/victims
We only discovered the news three days ago, but have managed to get our statement of claim in. I don't think we'll see a penny of our money again though.

Would like to make contact with people who will be attending the creditors meeting on the 30/3/16
My other half will be attending.
I have set up a Facebook group to try and make contact with other Compass victims. Bit late in the day, but we were not informed of the demise.

https://www.facebook.com/groups/1583378958574247/

[EXC]

Re: Compass debt company

I have been searching for Compass clients/victims
We only discovered the news three days ago, but have managed to get our statement of claim in. I don't think we'll see a penny of our money again though.

Would like to make contact with people who will be attending the creditors meeting on the 30/3/16
My other half will be attending.
I have set up a Facebook group to try and make contact with other Compass victims. Bit late in the day, but we were not informed of the demise.

https://www.facebook.com/groups/1583378958574247/

Thanks for posting.
[MENTION=2]Celestine[/MENTION] [MENTION=6]Amethyst[/MENTION]

[Wingco]

Re: Compass debt company

I have been searching for Compass clients/victims
We only discovered the news three days ago, but have managed to get our statement of claim in. I don't think we'll see a penny of our money again though.

Would like to make contact with people who will be attending the creditors meeting on the 30/3/16
My other half will be attending.
I have set up a Facebook group to try and make contact with other Compass victims. Bit late in the day, but we were not informed of the demise.

https://www.facebook.com/groups/1583378958574247/

I will be there and will go to your Facebook link
Wingco

[CLS2015]

Re: Compass debt company

Thank you Wingco.
Heard there was some coverage on a region of Calendar tonight, sadly it wasn't shown in my region.

[Wingco]

Re: Compass debt company

Thank you Wingco.
Heard there was some coverage on a region of Calendar tonight, sadly it wasn't shown in my region.

Hi CLS. The Yorkshire 'Look North' programme was full of errors and stupid comments; I actually emailed them to complain. They had a headline advising people to avoid all Debt Management Companies (DMCs). They then interviewed a guy who claimed to have lost £2000+ and was about to have his small debt cleared. That is terrible and disgusting, but if he had not had his interest frozen and payments greatly reduced to tokens, his debt over many years would have been probably far greater than the £2000 he lost.
Compass and other DMCs helped us when we were in drastic and critical positions. They have not done us great favours but we should think back to the relief and satisfaction we felt when we started our plans. I'm not condoning what they have done, they robbed me blind, but to label all DMCs as worthless is not helping people in deep debt. The alternatives for me were unacceptable: IVA or Bankruptcy. Others on here had the same conundrum, and the DMC was not only their chosen option, it was by far the best for them; other people would be better to go Bankrupt (my accountant advised that) or have the very tight control of an IVA, and in my case that would have lost me 2 Buy-to-Lets (BTL) that give me a substantial income (£20+K pa).
So I am a great advocate of DMCs, but not Compass or the others that have misappropriated their clients' money, if indeed, Compass have done that. We don't know yet, but we all have a pretty good idea.........................
If you read back through this thread, a poster advised that if the money has gone for good, the fact that their contract/paperwork mentions 'money held in Trust' possibly means we can sue the Directors and potentially lay claim to their assets. Knowing similar cases, the Directors probably put a lot of their assets in their wives' names, but if there is any complicity to defraud, we can go after the wives too. And you know who one of the wives is - a Conservative MP. I'm amazed she is still in place.
It will be good to meet up with others on Wednesday in Leicester. Not sure how best to do that?
Wingco

[CLS2015]

Re: Compass debt company

I can see your point regarding the DMC's, My other half was glad of breathing space, however I wouldn't touch a fee charging company with a bargepole after this.
Compass have not done the business any favours, and in the long run, they haven't for us either.
I have been in touch with the person in the Calendar article, I haven't yet viewed it yet though.
At least it's a bit of publicity, better for this to be in public view.
Am I right in thinking the FCS are investigating?

[taff_dragoness]

Re: Compass debt company

Hi Wingco hope you are ok. I am alot better from the way i was feeling a few weeks ago, but haven't heared anything from the forms i sent off to Aabrs not sure if thats good or bad, also will have to phone stepchange tuesday to see if everything is set up. Are you still going on the 31. I am still confused with everything thats going on not sure what i should be doing or just wait and see ( wish i had a better business mind ) Hope everyone has had a good easter xxxx

[taff_dragoness]

Re: Compass debt company

Well gone quiet on here maybe they all gone to facebook, hope the meeting goes ok sorry i cant make it. See what comes from it good luck all

[CLS2015]

Re: Compass debt company

We should have an update following the meeting thisaft.

[enaid]

Re: Compass debt company

Thanks I have just posted on FB to ask for one in case there are some on here that are not on FB

Good Luck xx